US Stocks Close Lower; Crypto Miners Riot, MARA Slide

The outsized drop in crypto miners relative to the broader indices shows these equities still trade as a high-beta proxy for digital-asset sentiment rather than on company-specific fundamentals, so a risk-off session in tech hits them hardest. That amplification cuts both ways, which is why the group tends to lead on the way down as well as up. The open question is whether this is a one-day de-risking move or the start of a sustained divergence between miners and the wider market.